Iran says position in oil market ‘stronger’

Iran’s Oil Minister Bijan Zanganeh says the country is in a stronger position to continue its oil policies after the re-election of President Hassan Rouhani this past Saturday.

Iran’s Oil Minister Bijan Zanganeh says the country is in a stronger position to continue its oil policies after the re-election of President Hassan Rouhani this past Saturday.

"After the new election, we are in a more powerful position for continuing our policies and oil strategies, to sign many contracts to increase production,” Zanganeh told reporters on the sidelines of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna.

“Our production capacity is 4 million barrels only oil and not condensate. Condensate we are very soon reaching 1 million barrels.”

He further emphasized that the administration of US President Donald Trump was working to the disadvantage of the country’s energy corporations by keeping them away from Iran’s oil industry projects.

“I believe that these policies which the US administration has is against US oil companies because it seems that European and Asian companies are coming to Iran … but only US companies cannot be in the Iranian market,” Zanganeh emphasized.

The Iranian minister further emphasized that the Islamic Republic would welcome the participation of American enterprises in its oil industry projects.

“We prefer to sign contracts with … major US oil companies. We have no difficulty,” he told reporters.

Iran has named 29 major companies from Asia and Europe that have prequalified to bid for oil and gas development contracts in the country where about 70 projects have been defined for implementation.

However, US firms are still prohibited from trade with Iran under Washington’s primary sanctions against the Islamic Republic.

Iran has already emphasized that US firms do not face any restrictions for work in the resource-rich country but American sanctions make such activities impossible.